Leading UK law firm Penningtons Manches LLP, with offices in London, Basingstoke, Cambridge, Guildford, Oxford, Reading and San Francisco, has reported an increase of over £4 million in fee income in the latest financial year (2015-2016).
The firm’s turnover has risen to £61.6 million, representing a 7% increase from 2014-2015 when fee income was £57.5 million. These results reflect a period of consolidation across the practice and mean that it has now posted an increase in turnover for the seventh consecutive year. Staff figures are similar to last year with the number of lawyers and other professional advisers now totalling 340, including 109 partners.
Penningtons Manches chief executive David Raine said: “This is a sound performance during a financial year in which we have laid the groundwork for future growth by moving to larger and more prestigious office accommodation in London and Guildford as well as in San Francisco. We have also invested significant resource in the ongoing development of our IT systems. These advances will provide a strong platform for progression as we continue to enhance our position, with a particular emphasis on the technology, real estate and private wealth sectors, and see the further strengthening of our client offering which was boosted so significantly when we combined with Manches in 2013.”
Penningtons Manches relocated to new, grade A office accommodation in the City and the centre of Guildford during the summer of 2015, bringing all its London based staff under one roof and reaffirming its position as a ‘regional heavyweight’ in the South East. Its San Francisco team is recognised as a leading US/UK inward investment specialist providing English law advice for US businesses, especially those with a technology focus. In October 2013 it was joined by all 265 staff from Manches’ London, Oxford and Reading offices.